Sen. Christopher S. Bond joined administrators from the Economic Development Administration of the U.S. Department of Commerce to announce the award during an August 18 ceremony. The funds will provide just under one-third of the projected $8.7 million cost of the incubator. The University has pledged to match the grant. "It is great to be here to celebrate yet another milestone in Missouri's journey to become the premier biotechnology corridor of the United States and the world," Bond said. "The Life Sciences Business Incubation Center is a key step in creating the biotechnology corridor. Through it we hope to attract private investment and employers who will create high-paying jobs for this area and advance the life sciences in Missouri."

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According to Jake Halliday, incubator project leader, MU will own the 33,000 square-foot facility, while the incubator program will be operated by the Missouri Innovation Center, an independent non-profit organization. Halliday estimates the facility will generate some 1,700 jobs over the next 10 years, with millions in private capital investment flowing to the region. It will house 10 to 14 companies at a time; each will use the facility for about three years.

"The incubator has the potential to create new businesses, which will boost the mid-Missouri economy as well as the entire state," MU Chancellor Brady Deaton said. "Surrounding communities and counties benefit directly by the jobs that will be developed through the incubator. In addition, the state will benefit by the addition of spin-off businesses."